China will work to ensure solid implementation of its newly unveiled regulation on the registration and administration of market entities and foster a fair, effective, standard market regulation system to boost the growth of market players of all kinds, officials said on Wednesday.

Xiong Maoping, deputy head of the State Administration for Market Regulation, told those at a press conference on Wednesday that the new regulation will be the first administrative regulation in China that regulates the registration of all types of market entities. With unification and optimization of various separate laws and regulations, the new regulation is of fundamental importance as an institution for market registration.

The new regulation, which will take effect on March 1 next year, has set out unified provisions on the registration and administration of enterprises of all types, self-employed individuals, and specialized farmers' cooperatives that engage in for-profit business activities in China. Chinese Premier Li Keqiang signed the State Council decree unveiling the regulation on Tuesday.

The issuance and implementation of the regulation will effectively safeguard the development of all market players and ensure fair competition. It is also a crucial step towards protecting the legal rights of all market players, shoring up market confidence and boosting entrepreneurship and innovation, Xiong said

Yang Hongcan, an official in charge of business registration at the State Administration for Market Regulation, said that the new regulation has made both registering a new business and market exit for businesses easier. It has clearly specified requirements for new businesses in getting approval and filing, as well as the process of making changes in registration and business scope.

Regarding the market exit mechanism, the new regulation has improved the cancellation system of market entities and helped make the process easier and more feasible, while it is important in further catalyzing social resources, he said.